Home / Top Story / Energy stocks lead a rally as the price of oil climbs

Energy stocks lead a rally as the price of oil climbs

The Associated Press

Traders observe a moment of silence before the opening bell on the floor of the New York Stock Exchange, Monday, Nov. 16, 2015, in the wake of the terrorist attacks in Paris on Friday. Stock markets in New York and in much of the world are proving to be more resilient today than many analysts had anticipated, in the aftermath of Friday’s attacks in Paris. (AP Photo/Richard Drew)

Associated Press

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By ALEX VEIGA, AP Business Writer

The stock market is closing solidly higher, led by gains in energy companies as the price of oil turned higher after a recent slump.

The Dow Jones industrial average gained 237 points, or 1.4 percent, to 17,482 Monday.

The Standard & Poor’s 500 index increased 30 points, or 1.5 percent, to 2,053. The Nasdaq composite climbed 56 points, or 1.2 percent, to 4,984.

Energy companies rose much more than the rest of the market as the price of oil increased 3 percent to $41 a barrel. Chevron jumped 4 percent.

Defense contractors rose and travel and airlines companies fell as traders responded to the terrorist attacks in Paris. Raytheon and Northrup Grumman each rose 4 percent while Delta Air Lines declined 2 percent.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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